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TRADING UPDATES: Petrofac contract win; DP Eurasia's Jubilant concerns

Wed, 27th Oct 2021 18:30

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:



Petrofac Ltd - London-based oilfield services provider - Is awarded engineering, procurement & construction contract, valued at around EUR500 million, from PC ORLEN Lietuva to support a "comprehensive modernisation, environmental upgrade, and expansion programme" at its Mazeikiai Refinery in north-west Lithuania. The project completion is targeted for the end of 2024. "The lump sum contract comprises engineering, procurement, construction, start-up and commissioning services, as ORLEN Lietuva invests to expand the existing refinery complex, raise capabilities, meet the requirements for cleaner fuels and improve operational and carbon efficiency of the plant," Petrofac says.



DP Eurasia - master franchisee of the Domino's Pizza brand in Turkey, Russia, Azerbaijan and Georgia - Firm's independent committee - comprising all the independent directors of the company and which has been advised by Liberum Capital Ltd - warns that reverse bookbuild by Jubilant Foodworks Netherlands BV "materially undervalues" company and does not believe terms of deal are fair and reasonable. Says bookbuild should be appraised as a change of control transaction. Warns there is potential for a "heightened risk of a worsening impact on the future liquidity of shares for remaining shareholders" if Jubilant increases stake to 49.99%. "Given both the financial terms of the RBB and the impact of the potential risks highlighted above for all shareholders, the independent committee recommends that shareholders do not tender their shares in accordance with the terms of the RBB," it says.

Jubilant notes the DP Eurasia statement and says it continues to believe offer price of 95 pence per share provides shareholders an "attractive opportunity" to realise some or all of their holdings. Adds: "Continued depreciation in the value of the Turkish lira would be likely to impact DP Eurasia's reported financial performance in the short to medium term. Jubilant Foodworks continues to consider its investment in DP Eurasia to be a strategic long-term investment."



Schroder Japan Growth Fund PLC - seeks growth via investing in Japanese stocks - Reports net asset value total return of 26% for year ended July 31, outperforming benchmark which returns 18%. Net asset value per share 232.40p at July-end, up from 189.24p a year ago. "The company's investment style and manager's active investment approach positively impacted the performance of the portfolio. Masaki Taketsumi must be commended on consistently applying his stock-picking strategy and maintaining a focus on quality companies trading at attractive valuations," it says. Declares final dividend of 4.30p, down 12% on a year ago.



Riverstone Energy Ltd - Guernsey-based investor in energy companies and assets - Reports net asset value per share of USD10.93 at end of September, up 16% on June 30. Says Hammerhead, GoodLeap, Carrier II and FreeWire were the largest drivers of REL's NAV improvement over period. "Recovery from the pandemic and related effects in business activity has bolstered energy markets and our portfolio," says Chair Richard Hayden.



CQS Natural Resources Growth & Income PLC - invests in mining and resource equities - Net asset value per share 172.40p at June 30, up from 98.64p a year ago. NAV total return for year 83%, improving after loss of 11% the year before and beating composite benchmark which returns 28%. "The year to 30 June 2021 saw a very positive turnaround for your company. Globally, economies have been learning to deal with the coronavirus pandemic and coordinated," it says.



Lekoil Ltd - oil and gas exploration and production company with a focus on Nigeria and West Africa - Revenue for first half of 2021 USD25.5 million, up from USD13.9 million a year ago. Swings to pretax profit of USD2.7 million from loss of USD10.1 million year-on-year. Notes shares are currently suspended from trading, and says it is in process of clarifying relationship with its operating subsidiary. "The company continues to pursue the repayment of the CEO loan from Olalekan Akinyanmi, with an application for summary judgement in the UK. The company is also challenging a claim bought by Akinyanmi in the US and will update the market as necessary," it says.



Yew Grove REIT PLC - owns a portfolio of Irish commercial property assets - Agrees lease surrender for its industrial unit L2, Naas Enterprise Park, County Kildare and a new lease with DHL Express (Ireland) Ltd. Lease is for entire building for ten-year term, with rent 56% above previous lease. Additionally, it signs two new leases and agrees a third, while also agreeing rent reviews at Beech House, Millennium Park and Teleflex in Athlone. In total, these activities add EUR255,000 to annual rent roll.



Pure Gold Mining Inc - Vancouver, Canada-based gold miner - Its PureGold Mine in Red Lake, Ontario reports average daily throughput of 685 tonnes per day for third quarter of 2021, up 35% on the second quarter. Gold production 9,260 ounces, up 54% on quarter before. "For the first three quarters of 2021, accelerated ramp development and definition drilling have been successful in opening up the underground mine which, in turn, has driven steady improvements in throughput and grade year to date," it says, adding it is confident this will continue to deliver steady improvements going forward. Targets production rate of around 600 tonnes per day to 700 tonnes per day at an average head grade of 5.5 to 6.5 grammes per tonne gold in fourth quarter.



Bushveld Minerals Ltd - South African vanadium producer - Announces final terms for repayment of USD11.5 million unsecured convertible loan notes held by Duferco Participations Holding SA. Says Duferco will convert USD9 million of the principal outstanding under the loan notes into new Bushveld shares, and Bushveld will repay the balance of USD2.5 million, along with interest, to Duferco. "I am pleased that Duferco will convert USD9 million of the principal outstanding under the loan notes into Bushveld Minerals shares, which will reduce our debt position significantly while also making a material reduction at the net debt level given that most of the repayment will be made using Bushveld shares," says Chief Executive Fortune Mojapelo.



Katoro Gold PLC - gold and nickel exploration and development company - Says it and Target Mine Consulting (Pty) Ltd agree to seek admission for the Blyvoor joint venture project by vending each of their separate interests into a new company to be listed on the London Stock Exchange. Application process to start immediately. Katoro will hold around 30% of BV ListCo after admission. "We believe it is an opportune and highly strategic time to list the Project as a standalone company on the LSE. As a separate, standalone entity with a clear corporate strategy, the Project has more readily available access to both equity and debt funding opportunities," says Katoro Chief Executive Louis Coetzee.



By Lucy Heming; lucyheming@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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